Little By Little...

redmel1621

We still have a leaky boiler. The bucket filled and overflowed while we were at work, so there was water dripping through the ceiling (again) and the stairs are soaked (again). I've text the landlord to ask when the plumber is coming out and the reply I got was "I'll phone him". That was 2.5hrs ago and heard nothing back. This is getting ridiculous now.

I also missed out on getting the Credit Union paid off as I didn't realise they closed at 1pm. We don't have lunch until 1.20pm, so they were closed by the time I phoned them. Annoyingly, they are closed on Wednesdays, so I need to wait until Thursday now.

I need to get to Halfords before it closes, as DS2's bike has a flat tyre. He needs is sorting ready for his paper round in the morning!!

Chrystal

Landlord doesn't sound very organised! Wonder what he'd say if you said you were reducing the rent until it's sorted....:D

redmel1621

WOOOHOOOOO The Credit Union is paid off

That will be a nice £52pm less to pay out.

I'm off to work (which I am dreading) now, so will update the list later.

redmel1621

We are reluctant to spend all of Dh's overtime money paying off debts, in case he is out of work again soon. Maybe we should syphon some into a separate account as an emergency fund.

I think we have decided to pay the council £100 this month, instead of £50. That way we are bringing the debt down a bit quicker, but not leaving ourselves on the edge again.

I still need to phone HR about payroll log in details, so I can check if my pay-grade has been corrected yet.

DD goes away on Monday for a two night trip with school. She is so excited, but I might have to throw a sicky to take her into school. I have no love for the place anyway and am simply counting down the weeks until I leave.

redmel1621

Dh had some (potentially) good news today. The company he works for have won a fairly big contract which should run for the next 3-4yrs. This will hopefully mean that he will be taken on permanently and will have work for the full length of the contract. The only downside is that the contract will take a while to actually kick off properly, so we just need to hope they have enough small jobs to tide them over until it starts, to keep him in work until then.

We went out to get some chain oil for his motorbike today and on the way I started asking him what his plans were for the future. I was curious about how he thinks we are going to live as we get older and less able to work long hours... will we still be renting or does he foresee us buying a property between now and then etc etc. He was adamant that we will have moved abroad by then and said he doesn't want to end up like his dad, moping around a council flat, doing absolutely nothing day in day out. I am torn. The idea of travelling and living in different countries for periods of time, like he was saying, really appeals, but I am too practical and can't help but wonder how we will support ourselves, where will we live, how will we pay our rent and bills and eat? I also like the idea of security and owning a house outright, with no mortgage to pay and no chance of becoming homeless...

We really need to have a think about what we want. We are not getting any younger: I'm 40 next year and dh has just turned 46 and whilst we are not yet old, we are definitely heading that way.

My dream is to own rental properties. I would like a small portfolio of maybe 4-8 properties as I think that would generate a nice little income, so that we could live comfortably wherever in the world we were. The issue I have is getting the deposit together, as you need a larger deposit for a buy to let mortgage. I have even been pricing up flats locally, checking rental values, mortgage repayment amounts etc etc.. it is definitely doable, I just need the deposit. I am seriously considering asking my sister if she wants to go in with me and we could save up together, over the next 2-4yrs and then get our first rental property together. All the income we generate from that property could go straight back into the 'pot' towards maintenance for the property. Once we have a large enough pot to cover repairs/refurbs for that property we could start saving for a deposit for property number 2. Basically just keep reinvesting until we have a decent sized portfolio that would give us both a decent income.

But then I think I am living in a dream world. I could of course do it on my own, but it would take many more years to get started and I am impatient. It would probably be less complicated doing it on my own though.

GlendaSugarbean

Great news about the contract

Re rental properties, I'm sure you will do all your homework. My understanding is that renting out has become much less profitable now there are fewer tax breaks, plus there are likely to be more regulations on landlords (quite rightly) to have annual maintenance checks, comply with local authority rules etc etc. What about aiming to buy somewhere as your main residence? You could then rent it out to cover the mortgage if you wanted to go travelling at a later date.

redmel1621

GlendaSugarbean wrote: »

Great news about the contract

Re rental properties, I'm sure you will do all your homework. My understanding is that renting out has become much less profitable now there are fewer tax breaks, plus there are likely to be more regulations on landlords (quite rightly) to have annual maintenance checks, comply with local authority rules etc etc. What about aiming to buy somewhere as your main residence? You could then rent it out to cover the mortgage if you wanted to go travelling at a later date.

Yes, it is far less lucrative, but I am not looking to become a millionaire off the back of hard working people just trying to get by. I would rather have more properties with a smaller profit margin from each. Having spent numerous years 'trying to get by' and just keep a roof over my family's head, I know how hard it can be with sky high rents or a property that is barely fit for purpose. I would rather help those that need it as long as it generates a small profit that can be reinvested/put away for retirement.. and pays ff the mortgage, so that we have that capital that can be cashed in on at a later date.

I also know what makes a good landlord and what makes an awful one. I hope that puts me in a good position to be able to keep tenants and lessen the time properties are empty.

However, your idea about purchasing a property and then simply renting it out if we travel is a good idea and is one that I actually put to dh. :A I haven't really even mentioned about wanting a few properties to let out.

I am an avid researcher, so would know the business inside and out before jumping in, although I am sure it would still be a massive learning curve. There is nothing I can do to make moves on the idea for a few years really. I need to get this debt figure down and save for deposits... I am think 5-6yrs in reality. I will be 45 in 6 years, so that might be a good age to aim for. My sister will be 35 the same year. Most of my CCJs will have dropped off my file by then, I will be earning probably an additional 10kpa by then, and my sister has age on her side... I think we would make a good partnership.

I would also need to look into whether BTL mortgages can be overpaid etc...

Lots to daydream about anyway :rotfl:

GlendaSugarbean

I think renting def makes you a better landlord! A new mortgage at 45 is doable, especially if you can overpay. Mine is due to finish when I am 68 :eek: so I'm making small OPs now and will up them once the CC is paid off. That way I should reduce the term by a few years at least.

kindofagilr

Great news on OH's job

I have always wanted to have properties to rent out, but don't think I will now.

I do however want a villa abroad, probably cyprus (I love cyrpus) so we can go there in the winter xx

redmel1621

GlendaSugarbean wrote: »

I think renting def makes you a better landlord! A new mortgage at 45 is doable, especially if you can overpay. Mine is due to finish when I am 68 :eek: so I'm making small OPs now and will up them once the CC is paid off. That way I should reduce the term by a few years at least.

I would definitely want to overpay. I just think we need to do 'something' soon, before it's too late. I spoke to my sister about it and she said it is something she is interested in, but isn't sure if she will be able to.

I then spoke to dh who actually doesn't think it is an awful idea :eek: